Today’s Topic: I’m joined by Retail Superstar Paul Stevenson.  We didn’t get permission to mention the company he works for, but trust me it’s a brand we all know, love and trust.  Today, I’m asking him to break down some of the key cash concepts that are similar between large corporations and small businesses.  More importantly, I’ll be looking for any hints, tips or ticks that anyone can use.

Reason for topic:  The holiday season is always a logistical challenge for retailers, especially in small business.  Bring Paul in to talk about these topics might be a good way to put the right information in the right hands at the right time.

  

Let’s get into it, BUT FIRST...

 

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Part 1: 

 

Paul Stevenson has operated at the individual store level up to the regional level.  He currently manages 34 stores with a total annual revenue of $55 million.

Paul discusses the mindset an individual operator should have while practicing good inventory control and the basic metrics he uses to manage fast and slower moving items.  

Paul then discusses a mark-down strategy to clear old inventory from your shelf to avoid becoming a warehouse.

 

Next, we are going to talk about controlling another cash drain on your business, labor dollars. BUT FIRST, I want to remind you all that you can go to CashFlowMike.com for all of the show notes from today’s episode, you can also send us any questions that you may have for me about today’s podcast or building cash flow in general.

 

Part 2:

 

In the second half of the podcast, I talk to Paul Stevenson about controlling labor cost in a retail environment.  Its an area he states can get away from you very quickly. One of the first things you should do, if its available is look at the historical cost of labor compared to the sales volume.

Paul then discusses a technique for actively managing labor cost as a percentage of sales.  Because it can get out of control fast, you have to make correction fast.

My last question is what advice would he give his best friend who was starting a business.  Tune in to hear his answer.

 

Closing Remarks:

 

- Remember to go to CashFlowMike.com for all show notes and questions

regarding today’s episode.

- Remember to go to Youtube.com and subscribe there.

- Remember to go to your favorite listening platform (iTunes, Spotify, Google Play)

and follow us and leave a review.

 

My name is Cash Flow Mike and you’ve been listening to Clear PATH To Cash. Thank you so much.  And remember don’t be a D.U.M.B. business owner.” 

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